Atlanta-based multifamily platform Penler is moving into Charlotte, N.C., by way of buying Presley Uptown, a 230-unit luxury property for $55 million. JLL Income Property Trust served as the investment partner while the JLL investment sales team in Charlotte brokered the transaction. The community is located in the vibrant Uptown neighborhood, which sits right in the middle of the city.
Presley Uptown comes complete with a saltwater pool, an aqua bar, a sky lounge rooftop deck, and a large fitness center. Value-add opportunities exist in the form of refreshing common areas and the eventual addition of smart-home technology. The acquisition checks several boxes for Penler.
“This investment is a prime example of our strategy to acquire well-located, infill projects in high-growth Southeastern markets at an attractive cost basis,” said managing partner Graham Carpenter. “The company is less than a year old, and we are hitting our production targets and adding key management team members, as planned.”
Courtesy Penler
The firm is adding to it’s upper management team by announcing the hiring of two new partners. Mark Hinshaw will serve as the firm’s chief financial officer, while Alex Geeslin, checks in as the firm’s director of asset management.
The company is also making a move on Atlanta as the firm expects to start construction on its first multifamily development there in November with two additional development projects slated to break ground in the first half of 2020.